Naira Appreciates by N10 to N350 Per Dollar At Parallel Market

The Naira on Monday, May 16, jumped slightly by N10 to N350 per dollar in the parallel market.

The naira had remained weak following the volatility in the parallel market as exchange rate on Friday, May 13, stood at N360.

Investigation revealed that the parallel market exchange rate rose to N360 per dollar on the average on Friday following rumors that the Central Bank of Nigeria (CBN) had officially devalued the Naira to N290 per dollar.

However, the apex bank however debunked this rumour, leading to appreciation of the Naira  to N350 per dollar on Saturday.

The leap was reversed in the early hours of Monday, prompting the parallel market exchange rate to rise to N355 per dollar by 12 noon before retreating to N350 by the close of business.

According to the President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, the volatility was driven by speculations.

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